Philippines to launch a US$100M crypto hub

According to a recent report by E27, Philippines’ Cagayan Special Economic Zone and Freeport (CSEZFP)is set to see the launch of a new fintech and crypto hub; as part of the government’s bid to foster a fintech ecosystem attract international blockchain companies to set up shop in the country.

The CSEZFP features a transshipment hub with a seaport, airport, and land earmarked for industrial, commercial and industrial development. It is located in the Northern Luzon region, which is about half of the largest island of the PH, with many of its provinces hosting one or two industrial parks.

The estate, called the Crypto Valley of Asia (CVA), will be developed by the Cagayan Economic Zone Authority (CEZA) in partnership with private property developer Northern Star Gaming & Resorts Inc. (Northern Star).

Northern Star said that it has already secured several international and regional companies to locate within CVA. In addition, it has committed gross investments valued at US$100 million over the next 10 years.

The goal is for the CVA to generate an economic boom that will allow more Filipinos to pursue careers in technology. Additionally, the hub will provide employment for third-party business providers (BPO) who service the fintech and cryptocurrency sectors. For example, some BPOs will help with skills training for entrepreneurship.